Term
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Definition
| The money you take home after tax deductions. |
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Term
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Definition
| A plan for managing money |
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Term
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Definition
| The money you having coming in.(Usually from a job but could include: gifts or allowance) |
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Term
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Definition
| The amount of income you recieve before payroll deductions. |
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Term
| What are payroll deductions? |
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Definition
| Amounts that are subtracted from each paycheck. |
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Term
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Definition
| Fees placed on income,property, or goods to support govt. programs. |
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Term
| What is Federal Income Tax? |
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Definition
| A fee that is taken out of your paycheck by your employer to support federal govt. programs and is paid to the IRS. |
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Term
| What is state income tax? |
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Definition
| A tax that is subtracted from your paycheck by your employer to support State Programs and is paid to the state revenue department. |
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Term
| What is social security tax? |
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Definition
| A tax that provides benefits to those of old age, survivors, and disabled. |
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Term
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Definition
| Tax funds hospital insurance programs and also pays health benefits to the elderly and the disabled |
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Term
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Definition
| Have a set dollar amount. (In other words, each payment for this is the exact same amount) Examples: mortgage or car payment. |
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Term
| What are variable expenses? |
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Definition
| Expenses that can change because they may not always be the same.EXAMPLES:Going out to eat more or less often during one week than another. |
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Term
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Definition
| How you handle your money coming in and your money going out. |
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Term
| What does P.Y.F stand for? |
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Definition
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Term
| What are 3 types of transaction services that were discussed in this chapter? |
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Definition
| Checks, ATM Card,Quickcheck card (a debit card linked to your checking account) |
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Term
| What is the purpose of Form W-4? |
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Definition
| To allow the employer to withhold federal income taxes from the employee wages. |
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Term
| What is the purpose of Form W-2? |
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Definition
| To itemize how much money was earned by an employee and how much was withheld and sent to the IRS. |
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Term
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Definition
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Term
| What is a checking account? |
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Definition
| An account you have at a financial institution that you use for convenience and to minimize the amount of cash you need to carry. |
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Term
| What is a Quickcheck Card? |
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Definition
| A debit card linked to your checking account. |
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